Disruptive Change and the Capital Markets

Disruptive Change and the Capital Markets

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  • Author: Marius Fischer
  • Publisher: Walter de Gruyter GmbH & Co KG
  • ISBN: 3111045234
  • Category : Law
  • Languages : en
  • Pages : 320

The risk-based approach to capital markets regulation is in crisis. Climate change, shifting demographics, geopolitical conflicts and other environmental discontinuities threaten established business models and shorten the life spans of listed companies. The current rules for periodic disclosure in the EU fail to inform market participants adequately. Unlike risks, uncertainties are unquantifiable or may only be quantified at great cost, causing them to be insufficiently reflected in periodic reports. This is unfortunate, given the pivotal role capital markets must play in the economy’s adaptation to environmental discontinuities. It is only with a reformed framework for periodic disclosure, that gradual and orderly adaptation to these discontinuities appears feasible. To ensure orderly market adaptation, a new reporting format is required: scenario analysis should be integrated into the European framework for periodic disclosure.


Technology in Financial Markets

Technology in Financial Markets

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  • Author: Marco Dell'Erba
  • Publisher: Oxford University Press
  • ISBN: 0198873638
  • Category : Law
  • Languages : en
  • Pages : 465

In recent years, technology has emerged as a disruptive force in the economy and finance, leading to the establishment of new economic and financial paradigms. Focusing on blockchain technology and its implementations in finance, Technology in Financial Markets proposes a novel theoretical approach to disruption. Relying on complexity science, it develops a dynamic perspective on the study of disruptive phenomena and their relationship to financial regulation and the law. It identifies the intrinsic interconnections characterizing the "multidimensional" technology-driven transformations, involving commercial practices, capital markets, corporate-governance, central banking, and financial networks. From this perspective, it considers the way they are reflected at the level of contract law, financial law, corporate law, central banking law. The book adopts a unique comparative approach and explains and clarifies the factual and historical dimensions underlying the emergence of the crypto-economy. In this book blockchain is used as a case study. Blockchain exemplifies the way each subpart of the financial system - commercial practices, financial markets, corporations, central banking, networks - and consequently each subcategory of financial regulation evolves on an individual basis. It shows how such subparts evolve altogether bringing systemic transformations, and ultimately leading to the creation of new economic and financial paradigms. The book considers both these perspectives, analysing the evolution of each subpart and emphasizing the interconnected transformations. In doing this, it adopts the structure of an ascending climax, starting from contracts, and escalating to increasingly broad dimensions, in particular capital markets, corporate governance, central banking, and financial networks.


Capital Markets 2020

Capital Markets 2020

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  • Author: John Garvey, PwC
  • Publisher: PricewaterhouseCoopers LLP
  • ISBN:
  • Category : Business & Economics
  • Languages : en
  • Pages : 60

Capital Markets will look very different in 2020 than they do today. Based on feedback from PwC clients, many have gloomily predicted a shrinking capital markets landscape, over-regulation and the fall of traditionally powerful financial centers such as London and New York. However, we have a different vision for 2020 – one of a New Equilibrium. This New Equilibrium consists of: government intervention receding (as memories of the financial and sovereign debt crises fade), traditional financial axis of power further solidifying their positions at the top, and the world seeking stability and predictability in the context of riskier and more uncertain geopolitical situations. In addition, much of the landscape where financial institutions operate will change significantly. This change will come from economic and government policies, from innovation, operational restructuring, technology, from smarter and more demanding clients, companies harnessing powerful data, and from continued growth of the shadow banking system.


Capital Markets

Capital Markets

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  • Author: Stefano Caselli
  • Publisher: EGEA spa
  • ISBN: 8823886511
  • Category : Business & Economics
  • Languages : en
  • Pages : 230

This book is the result of the 10-year collaboration between Equita and Bocconi to carry out research and studies on capital markets. Well before the outbreak of the COVID-19 pandemic, the overall evidence showed that capital markets in Italy were still underdeveloped. In fact, the past decade was characterized by serious weaknesses in the structure and functioning of these markets. The lack of a robust financial infrastructure of capital markets, the need to strengthen the investor base, and flaws in the intermediation structure of capital markets were clear factors of competitive disadvantage for Italy vis-à-vis other European countries. Today, the financial and macroeconomic scenario has dramatically changed. The geopolitical tensions brought about by the Russian-Ukrainian war, the new inflationary scenario and the quantitative tightening of central banks worldwide have put an end to a period of inflated prices on financial assets. The effects on Italian capital markets have been immediate, and rather painful. In this scenario characterized by lights and shadows, Italian capital markets are being presented with an unmissable occasion to become a catalyst for the postpandemic recovery. In this book, the reader can understand the reasons why Italian capital markets have never taken off, and at the same time why the scenario is hopefully changing.


Big Bang Disruption

Big Bang Disruption

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  • Author: Larry Downes
  • Publisher: Penguin
  • ISBN: 0698143388
  • Category : Business & Economics
  • Languages : en
  • Pages : 272

It used to take years or even decades for disruptive innovations to dethrone dominant products and services. But now any business can be devastated virtually overnight by something better and cheaper. How can executives protect themselves and harness the power of Big Bang Disruption? Just a few years ago, drivers happily spent more than $200 for a GPS unit. But as smartphones exploded in popularity, free navigation apps exceeded the performance of stand-alone devices. Eighteen months after the debut of the navigation apps, leading GPS manufacturers had lost 85 percent of their market value. Consumer electronics and computer makers have long struggled in a world of exponential technology improvements and short product life spans. But until recently, hotels, taxi services, doctors, and energy companies had little to fear from the information revolution. Those days are gone forever. Software-based products are replacing physical goods. And every service provider must compete with cloud-based tools that offer customers a better way to interact. Today, start-ups with minimal experience and no capital can unravel your strategy before you even begin to grasp what’s happening. Never mind the “innovator’s dilemma”—this is the innovator’s disaster. And it’s happening in nearly every industry. Worse, Big Bang Disruptors may not even see you as competition. They don’t share your approach to customer service, and they’re not sizing up your product line to offer better prices. You may simply be collateral damage in their efforts to win completely different markets. The good news is that any business can master the strategy of the start-ups. Larry Downes and Paul Nunes analyze the origins, economics, and anatomy of Big Bang Disruption. They identify four key stages of the new innovation life cycle, helping you spot potential disruptors in time. And they offer twelve rules for defending your markets, launching disruptors of your own, and getting out while there’s still time. Based on extensive research by the Accenture Institute for High Performance and in-depth interviews with entrepreneurs, investors, and executives from more than thirty industries, Big Bang Disruption will arm you with strategies and insights to thrive in this brave new world.


Seeing What's Next

Seeing What's Next

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  • Author: Clayton M. Christensen
  • Publisher: Harvard Business Press
  • ISBN: 1422154645
  • Category : Business & Economics
  • Languages : en
  • Pages : 312

Every day, individuals take action based on how they believe innovation will change industries. Yet these beliefs are largely based on guesswork and incomplete data and lead to costly errors in judgment. Now, internationally renowned innovation expert Clayton M. Christensen and his research partners Scott D. Anthony and Erik A. Roth present a groundbreaking framework for predicting outcomes in the evolution of any industry. Based on proven theories outlined in Christensen's landmark books The Innovator's Dilemma and The Innovator's Solution, Seeing What's Next offers a practical, three-part model that helps decision-makers spot the signals of industry change, determine the outcome of competitive battles, and assess whether a firm's actions will ensure or threaten future success. Through in-depth case studies of industries from aviation to health care, the authors illustrate the predictive power of innovation theory in action.


Disrupting Class, Expanded Edition: How Disruptive Innovation Will Change the Way the World Learns

Disrupting Class, Expanded Edition: How Disruptive Innovation Will Change the Way the World Learns

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  • Author: Clayton Christensen
  • Publisher: McGraw Hill Professional
  • ISBN: 9780071759106
  • Category : Business & Economics
  • Languages : en
  • Pages : 272

Clay Christensen's groundbreaking bestselling work in education now updated and expanded, including a new chapter on Christensen's seminal "Jobs to Be Done" theory applied to education. "Provocatively titled, Disrupting Class is just what America's K-12 education system needs--a well thought-through proposal for using technology to better serve students and bring our schools into the 21st Century. Unlike so many education 'reforms,' this is not small-bore stuff. For that reason alone, it's likely to be resisted by defenders of the status quo, even though it's necessary and right for our kids. We owe it to them to make sure this book isn't merely a terrific read; it must become a blueprint for educational transformation." —Joel Klein, Chancellor of the New York City Department of Education "A brilliant teacher, Christensen brings clarity to a muddled and chaotic world of education." —Jim Collins, bestselling author of Good to Great “Just as iTunes revolutionized the music industry, technology has the potential to transform education in America so that every one of the nation’s 50 million students receives a high quality education. Disrupting Class is a must-read, as it shows us how we can blaze that trail toward transformation.” —Jeb Bush, former Governor of Florida According to recent studies in neuroscience, the way we learn doesn't always match up with the way we are taught. If we hope to stay competitive-academically, economically, and technologically-we need to rethink our understanding of intelligence, reevaluate our educational system, and reinvigorate our commitment to learning. In other words, we need "disruptive innovation." Now, in his long-awaited new book, Clayton M. Christensen and coauthors Michael B. Horn and Curtis W. Johnson take one of the most important issues of our time-education-and apply Christensen's now-famous theories of "disruptive" change using a wide range of real-life examples. Whether you're a school administrator, government official, business leader, parent, teacher, or entrepreneur, you'll discover surprising new ideas, outside-the-box strategies, and straight-A success stories. You'll learn how: Customized learning will help many more students succeed in school Student-centric classrooms will increase the demand for new technology Computers must be disruptively deployed to every student Disruptive innovation can circumvent roadblocks that have prevented other attempts at school reform We can compete in the global classroom-and get ahead in the global market Filled with fascinating case studies, scientific findings, and unprecedented insights on how innovation must be managed, Disrupting Class will open your eyes to new possibilities, unlock hidden potential, and get you to think differently. Professor Christensen and his coauthors provide a bold new lesson in innovation that will help you make the grade for years to come. The future is now. Class is in session.


The Innovator's Dilemma

The Innovator's Dilemma

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  • Author: Clayton M. Christensen
  • Publisher: Harvard Business Review Press
  • ISBN: 1422197581
  • Category : Business & Economics
  • Languages : en
  • Pages : 282

Named one of 100 Leadership & Success Books to Read in a Lifetime by Amazon Editors An innovation classic. From Steve Jobs to Jeff Bezos, Clay Christensen’s work continues to underpin today’s most innovative leaders and organizations. The bestselling classic on disruptive innovation, by renowned author Clayton M. Christensen. His work is cited by the world’s best-known thought leaders, from Steve Jobs to Malcolm Gladwell. In this classic bestseller—one of the most influential business books of all time—innovation expert Clayton Christensen shows how even the most outstanding companies can do everything right—yet still lose market leadership. Christensen explains why most companies miss out on new waves of innovation. No matter the industry, he says, a successful company with established products will get pushed aside unless managers know how and when to abandon traditional business practices. Offering both successes and failures from leading companies as a guide, The Innovator’s Dilemma gives you a set of rules for capitalizing on the phenomenon of disruptive innovation. Sharp, cogent, and provocative—and consistently noted as one of the most valuable business ideas of all time—The Innovator’s Dilemma is the book no manager, leader, or entrepreneur should be without.


No Ordinary Disruption

No Ordinary Disruption

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  • Author: Richard Dobbs
  • Publisher: Hachette UK
  • ISBN: 1610397622
  • Category : Business & Economics
  • Languages : en
  • Pages : 288

Our intuition on how the world works could well be wrong. We are surprised when new competitors burst on the scene, or businesses protected by large and deep moats find their defenses easily breached, or vast new markets are conjured from nothing. Trend lines resemble saw-tooth mountain ridges. The world not only feels different. The data tell us it is different. Based on years of research by the directors of the McKinsey Global Institute, No Ordinary Disruption: The Four Forces Breaking all the Trends is a timely and important analysis of how we need to reset our intuition as a result of four forces colliding and transforming the global economy: the rise of emerging markets, the accelerating impact of technology on the natural forces of market competition, an aging world population, and accelerating flows of trade, capital and people. Our intuitions formed during a uniquely benign period for the world economy -- often termed the Great Moderation. Asset prices were rising, cost of capital was falling, labour and resources were abundant, and generation after generation was growing up more prosperous than their parents. But the Great Moderation has gone. The cost of capital may rise. The price of everything from grain to steel may become more volatile. The world's labor force could shrink. Individuals, particularly those with low job skills, are at risk of growing up poorer than their parents. What sets No Ordinary Disruption apart is depth of analysis combined with lively writing informed by surprising, memorable insights that enable us to quickly grasp the disruptive forces at work. For evidence of the shift to emerging markets, consider the startling fact that, by 2025, a single regional city in China -- Tianjin -- will have a GDP equal to that of the Sweden, of that, in the decades ahead, half of the world's economic growth will come from 440 cities including Kumasi in Ghana or Santa Carina in Brazil that most executives today would be hard-pressed to locate on a map. What we are now seeing is no ordinary disruption but the new facts of business life -- facts that require executives and leaders at all levels to reset their operating assumptions and management intuition.


The Disruption Dilemma

The Disruption Dilemma

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  • Author: Joshua Gans
  • Publisher: MIT Press
  • ISBN: 0262533626
  • Category : Business & Economics
  • Languages : en
  • Pages : 177

An expert in management takes on the conventional wisdom about disruption, looking at companies that proved resilient and offering managers tools for survival. “Disruption” is a business buzzword that has gotten out of control. Today everything and everyone seem to be characterized as disruptive—or, if they aren't disruptive yet, it's only a matter of time before they become so. In this book, Joshua Gans cuts through the chatter to focus on disruption in its initial use as a business term, identifying new ways to understand it and suggesting new tools to manage it. Almost twenty years ago Clayton Christensen popularized the term in his book The Innovator's Dilemma, writing of disruption as a set of risks that established firms face. Since then, few have closely examined his account. Gans does so in this book. He looks at companies that have proven resilient and those that have fallen, and explains why some companies have successfully managed disruption—Fujifilm and Canon, for example—and why some like Blockbuster and Encyclopedia Britannica have not. Departing from the conventional wisdom, Gans identifies two kinds of disruption: demand-side, when successful firms focus on their main customers and underestimate market entrants with innovations that target niche demands; and supply-side, when firms focused on developing existing competencies become incapable of developing new ones. Gans describes the full range of actions business leaders can take to deal with each type of disruption, from “self-disrupting” independent internal units to tightly integrated product development. But therein lies the disruption dilemma: A firm cannot practice both independence and integration at once. Gans shows business leaders how to choose their strategy so their firms can deal with disruption while continuing to innovate.